Warner Estate Holdings has renegotiated a bank facility changing its loan to value covenants for its combined facilities of £415m to an average of 79% compared to 75% at 31 March 2008.

In August, in its interim management statement, it reported the renewal of another £60m of revolving borrowing facilities for three years and the increase in the loan to value covenant on a £100m of facilities to 80%.

The announcement today is the result of further negotiations. It said the impact of the terms arising from the renegotiation of these facilities on the group's recurring profit will be offset by future reductions in LIBOR (London Interbank Offered Rate).

Warner also said in terms of its tenants it had improved the amount of rent collected on time. 96.4% of the September 2008 quarter day rents were collected within 14 days compared to 94.9% collected for the June 2008 quarter day.